Apple iPhone 11 Preorders Are Disappointing, Analyst Says
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Apple
Apple
inventory may fall due to disappointing gross sales for its newest iPhones, Rosenblatt Securities mentioned Monday.
Apple inventory (ticker: AAPL) has risen practically 40% this 12 months with traders anticipating rising profitability due to the corporate’s strategic shift to companies.
Final Tuesday, Apple introduced particulars on its forthcoming Apple TV+ video service and Apple Arcade gaming service.
The corporate additionally unveiled the iPhone 11, iPhone 11 Professional, and iPhone 11 Professional Max. These new cellphone fashions have quicker processors, improved digital camera high quality, and higher battery life. The brand new iPhones grew to become accessible for preorder final Friday and might be accessible on the market in-stores on Sept. 20.
Rosenblatt Securities analyst Jun Zhang on Monday reiterated his Promote score for Apple shares, citing weak preorder information in line with his evaluation of wait occasions and checks with retailers.
Zhang estimated that preliminary weekend preorders had been about 20% decrease for the iPhone 11 Professional/Max and 15% decrease for the iPhone 11, versus the comparable fashions final 12 months. Different analysts wrote that gross sales had been off to a “good begin.”
Apple shares are up 0.2% to $219.17 on Monday, whereas the Dow Jones Industrial Common fell 0.5%. The corporate didn’t instantly reply to a request for touch upon the report.
Zhang reaffirmed his $150 forecast for Apple inventory, about 30% beneath the current worth. Traders are hopeful that Apple could make up for any iPhone disappointment with its improved companies enterprise. However that may be a tall order, as Barron’s lately wrote.
Write to Tae Kim at tae.kim@barrons.com
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